Under NSW Sale of Land Act 1962, what is the minimum cooling-off period for residential property purchases?
Correct Answer
B) 5 business days from exchange of contracts
The NSW Sale of Land Act 1962 provides a mandatory cooling-off period of 5 business days from the exchange of contracts for residential property purchases. This allows purchasers to withdraw from the contract, though they may forfeit 0.25% of the purchase price.
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